2016 Basic Payment Scheme exchange rate announced

September 30th marks the last day of the annual month-long exchange rate fixing mechanism and affects farmers who elected to be paid in pounds sterling in May this year.

This year’s average to be applied is €1 = £0.85228, representing a 16.5% increase on the 2015 rate. This could equate to around £30/hectare more than last year, although the value of entitlements will not be confirmed by the RPA until later this autumn. For example, last year’s rate of £0.73129 was the lowest since 2008, however there was some comfort with an increased value to €248.02/hectare against the €239.00 initially indicated and planned for in the new schemes first year.